Default Tax Class: WooCommerce assigns a tax class to each item. Here you have to provide the default tax class which is used in WooCommerce.
Sync Product Price: This specifies if the product price which will be sent to WooCommerce will include tax or exclude tax.
Default Selling Price Group: Sometime you may want to have a different price in WooCommerce then that is POS. For that, you can create a Selling price Group in POS & assign that price group for WooCommerce. Price Group Document.
Product fields to be synced with woocommerce while creating products: Here you can select the fields which will get synced to WooCommerce from POS while creating a new product.
Product fields to be synced with woocommerce while updating products: Here you can select the fields which will get synced to WooCommerce from POS while updating an already created product. This option can be very useful if you want the POS to overwrite some of the fields while updating products.
Here you will find the options to sync Categories, Products, Orders & Tax.